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Measuring Our Progress

Our strategy is balanced across our four key strategic priorities: to delight our customers, to realise the potential of our people, to double our size and profitability, and to lead the way in sustainability.

Strategy and Key Performance Indicators

  • To delight our customers
  • To realise the potential of our people 
  • To lead the way in sustainability
  • To double the size and profitability of the business

To delight our customers

On-time, in-full delivery (OTIF)

DefinitionProportion of orders fulfilled on-time, in-full, across all businesses.

To realise the potential of our people 

Accident Frequency Rate (AFR)

DefinitionThe number of lost-time accidents (LTAs) per million hours worked.

To lead the way in sustainability

CO2 equivalent emissions

Definition: Total CO2 equivalent (CO2e ) emissions per tonne of production. 

To double the size and profitability of the business

Like-for-like corrugated volume growth

........ Weighted GDP +1% target

DefinitionLike-for-like volume of corrugated box products sold (excluding the effect of acquisitions and disposals) measured by area.

 Return on sales 

Definition: Earnings before interest, tax, amortisation and exceptional items as a percentage of revenue.

Return on average capital employed (ROACE)

DefinitionEarnings before interest, tax, amortisation and exceptional items as a percentage of average capital employed, including goodwill, over the prior 12 month period.

Net debt/EBITDA

Definition: Net debt calculated at average FX rates for the year, over earnings before interest, tax, depreciation, amortisation and exceptional items for the preceding 12 month period.

Cash conversion 

Definition: Free cash flow before tax, net interest, growth capex, pension payments and exceptional cash flows as a percentage of earnings before interest, tax, amortisation and exceptional items.